“Ireka Corp faces Oct 3 trading suspension and possible delisting as Bursa rejects appeal; company disputes Pan Borneo project termination and defaults on loans.”
Kuala Lumpur, 26th September 2025, 01.24pm – Trading in Ireka Corp Bhd will be suspended from Oct 3, after Bursa Malaysia Securities dismissed the construction firm’s appeal for more time to submit its regularisation plan.
In a filing on Thursday, the Practice Note 17 (PN17) company said it also faces potential delisting on Oct 7 unless it lodges a further appeal with Bursa before Oct 2.
“Bursa Securities will proceed to suspend the trading of the company’s securities on Oct 3 even though the decision on the company’s appeal is still pending,” Ireka stated.
Ireka was classified as a PN17 company on March 1, 2022, after Bursa rejected its request for an extension of the Covid-19 relief period, as its shareholders’ equity had fallen below 50% of issued capital.
The group has also faced setbacks in its construction portfolio. Notably, Ireka was subcontractor for the RM1.07 billion Phase 1B of the Pan Borneo Highway project in Sabah. However, the contract was terminated on July 28 after Gammerlite Sdn Bhd, citing funding challenges and the withdrawal of the main contractor, issued a mutual termination notice.
Ireka disputes the termination, arguing that certain works have been completed and no final payment terms were agreed upon. The company said it has formally objected and is seeking legal advice to recover costs and secure compensation.
Separately, Ireka disclosed this week that it had defaulted on loan repayments amounting to RM1.04 million owed to Hong Leong Bank Bhd (KL:HLBANK) and AmBank (M) Bhd.
Shares of Ireka closed two sen lower, or 14.3%, at 12 sen on Thursday, giving the company a market value of RM27.3 million.
